How can I find a home by just taking over payments?

I got a bankruptcy on my credit and know that there are alot of home owners giving up homes to save thier credit. Who can I get a home from by just taking over payments?

Giving up their homes means usually a deed in lieu of foreclosure; it also means the person who attempts to take ownership has enough cash or credit to enter into a purchace arrangement with the bank who ownes the original loan.

Don't think it'll help.

Problem with finding someone who is willing to give his property to you is that many are so open to the idea of just walking away from his home. This would sometimes mean that he cannot afford the home. Your best bet is to contact many real estate agents and submit your idea to them. A few of your contributors are correct by mentioning land contracts or assumptions. More precisely, it's the land contract that is your best option. Another term is called a "wrap around." This document is drawn up using a lease contract with a wrap around where there is a set term (e.g. 12 months). The price of the home is agreed upon at the signing of the contract, the commissions are built into the final sales price and the total of all encumberances on the home (or real property). Using this technique eliminates the existing lender of record from the sale transaction. You will hold what is called "equitable title" and the owner of record (the seller) holds legal title. In other words, the seller cannot refinance, sell, or further encumber the property without your permission. You cannot sell the property out from under the seller's permission either. You can, however, sell you interest in the land contract unless otherwise specified in the agreement. Once the end of the lease agreement has ended, you refinance the property, eliminate the owner from title, pay off the commissions to the agents, and own the home outright. You must meet all terms of the land contract (or lease) in order to execute the outcome of the transaction.

A problem you have is the bankruptcy. While you do not specify how long it's been since the discharge of the bankruptcy, the standard term that most lenders require between discharge and being approved for an A loan is two years. So, if you're at or near that term by the end of the land contract, you're in. Many agents don't know about this technique, but it works; they may not like it, because they are forced to wait until AFTER you refinance and take possession.

You cant...assumable mortgages are from the 1970s, they have all been closed by now

You would have to get your own mortgage.

Work on improving your credit, or letting time pass from your bankrupcy

Even though this might seem like a good idea. I would not reccomend it.

Where I am from, they do land contracts, that may be something to consider. However, just taking over payments could end up being a legal nightmare! I would do my homework first.

Good luck!

One way is called "assuming" the morgage, but you still have to qualify for that as if you were applying for a new purchase loan yourself. Another way is to have an attorney right a "land contract." This will state that you are basically renting to own. The land contract will spell out the terms/conditions.